Bitfarms Provides February 2025 Production and Operations Update
Bitfarms (NASDAQ/TSX: BITF) released its February 2025 production report, highlighting operational growth and strategic developments. The company achieved a 16.1 EH/s operational hashrate, up 6% month-over-month, with average operational hashrate increasing 20% to 13.4 EH/s.
Key financial metrics include 213 BTC earned (6% higher M/M), with daily earnings averaging 7.6 BTC (~$638,400 at $84,000 BTC price). The company sold 75 BTC for $6.5 million and increased its Treasury to 1,260 BTC ($105.8 million value).
The company is finalizing its Stronghold Digital Mining acquisition following successful shareholder approval, while proceeding with the sale of its 200 MW Yguazu, Paraguay data center. Both transactions are expected to close in Q1 2025. Additionally, Bitfarms appointed Craig Hibbard as SVP of Infrastructure, bringing 25 years of experience in large-scale development projects.
Bitfarms (NASDAQ/TSX: BITF) ha pubblicato il suo rapporto di produzione di febbraio 2025, evidenziando la crescita operativa e gli sviluppi strategici. L'azienda ha raggiunto un hashrate operativo di 16,1 EH/s, in aumento del 6% rispetto al mese precedente, con un hashrate operativo medio aumentato del 20% a 13,4 EH/s.
I principali indicatori finanziari includono 213 BTC guadagnati (6% in più M/M), con guadagni giornalieri che mediamente ammontano a 7,6 BTC (~$638,400 a un prezzo di BTC di $84,000). L'azienda ha venduto 75 BTC per $6,5 milioni e ha incrementato il suo tesoro a 1.260 BTC (valore di $105,8 milioni).
L'azienda sta finalizzando l'acquisizione di Stronghold Digital Mining dopo l'approvazione positiva degli azionisti, mentre procede con la vendita del suo centro dati da 200 MW a Yguazu, Paraguay. Entrambe le transazioni dovrebbero chiudersi nel primo trimestre del 2025. Inoltre, Bitfarms ha nominato Craig Hibbard come SVP delle infrastrutture, portando con sé 25 anni di esperienza in progetti di sviluppo su larga scala.
Bitfarms (NASDAQ/TSX: BITF) publicó su informe de producción de febrero de 2025, destacando el crecimiento operativo y los desarrollos estratégicos. La compañía logró un hashrate operativo de 16,1 EH/s, un 6% más que el mes anterior, con un hashrate operativo promedio que aumentó un 20% a 13,4 EH/s.
Los principales indicadores financieros incluyen 213 BTC ganados (6% más M/M), con ganancias diarias promediando 7,6 BTC (~$638,400 a un precio de BTC de $84,000). La empresa vendió 75 BTC por $6,5 millones y aumentó su tesorería a 1,260 BTC (valor de $105,8 millones).
La compañía está finalizando la adquisición de Stronghold Digital Mining tras la aprobación exitosa de los accionistas, mientras avanza con la venta de su centro de datos de 200 MW en Yguazu, Paraguay. Se espera que ambas transacciones se cierren en el primer trimestre de 2025. Además, Bitfarms nombró a Craig Hibbard como SVP de Infraestructura, aportando 25 años de experiencia en proyectos de desarrollo a gran escala.
Bitfarms (NASDAQ/TSX: BITF)는 2025년 2월 생산 보고서를 발표하며 운영 성장과 전략적 발전을 강조했습니다. 회사는 16.1 EH/s의 운영 해시레이트를 달성했으며, 이는 전월 대비 6% 증가한 수치입니다. 평균 운영 해시레이트는 20% 증가하여 13.4 EH/s에 도달했습니다.
주요 재무 지표로는 213 BTC 수익이 포함되며(전월 대비 6% 증가), 일일 수익은 평균 7.6 BTC (~$638,400, BTC 가격 $84,000 기준)입니다. 회사는 75 BTC를 $6.5 백만에 판매하였고, 재무 자산을 1,260 BTC($105.8 백만 가치)로 증가시켰습니다.
회사는 주주 승인 후 Stronghold Digital Mining 인수를 마무리하고 있으며, 파라과이 Yguazu에 위치한 200 MW 데이터 센터의 판매를 진행하고 있습니다. 두 거래 모두 2025년 1분기 내에 완료될 것으로 예상됩니다. 또한, Bitfarms는 인프라 부문 SVP로 Craig Hibbard를 임명하였으며, 대규모 개발 프로젝트에서 25년의 경험을 보유하고 있습니다.
Bitfarms (NASDAQ/TSX: BITF) a publié son rapport de production de février 2025, mettant en avant la croissance opérationnelle et les développements stratégiques. L'entreprise a atteint un taux de hachage opérationnel de 16,1 EH/s, en hausse de 6% par rapport au mois précédent, avec un taux de hachage opérationnel moyen augmentant de 20% à 13,4 EH/s.
Les principaux indicateurs financiers incluent 213 BTC gagnés (6% de plus M/M), avec des revenus quotidiens moyens de 7,6 BTC (~$638,400 à un prix de BTC de $84,000). L'entreprise a vendu 75 BTC pour 6,5 millions de dollars et a augmenté sa trésorerie à 1 260 BTC (valeur de 105,8 millions de dollars).
L'entreprise finalise l'acquisition de Stronghold Digital Mining après l'approbation réussie des actionnaires, tout en procédant à la vente de son centre de données de 200 MW à Yguazu, Paraguay. Les deux transactions devraient être finalisées au premier trimestre 2025. De plus, Bitfarms a nommé Craig Hibbard au poste de SVP des infrastructures, apportant 25 ans d'expérience dans des projets de développement à grande échelle.
Bitfarms (NASDAQ/TSX: BITF) hat seinen Produktionsbericht für Februar 2025 veröffentlicht, der das operative Wachstum und strategische Entwicklungen hervorhebt. Das Unternehmen erreichte eine operative Hashrate von 16,1 EH/s, was einem Anstieg von 6% im Vergleich zum Vormonat entspricht, während die durchschnittliche operative Hashrate um 20% auf 13,4 EH/s gestiegen ist.
Wichtige Finanzkennzahlen umfassen 213 BTC verdient (6% höher M/M), mit täglichen Einnahmen, die im Durchschnitt 7,6 BTC (~$638,400 bei einem BTC-Preis von $84,000) betragen. Das Unternehmen verkaufte 75 BTC für $6,5 Millionen und erhöhte seine Treasury auf 1.260 BTC (Wert von $105,8 Millionen).
Das Unternehmen schließt die Übernahme von Stronghold Digital Mining ab, nachdem die Aktionäre erfolgreich zugestimmt haben, und setzt den Verkauf seines 200 MW Datenzentrums in Yguazu, Paraguay, fort. Beide Transaktionen sollen im ersten Quartal 2025 abgeschlossen werden. Darüber hinaus hat Bitfarms Craig Hibbard als SVP für Infrastruktur ernannt, der 25 Jahre Erfahrung in großangelegten Entwicklungsprojekten mitbringt.
- Operational hashrate increased 6% to 16.1 EH/s
- Bitcoin production up 6% to 213 BTC
- Treasury holdings increased to 1,260 BTC ($105.8M)
- Strategic acquisition of Stronghold Digital Mining approved
- Average operational hashrate grew 20% to 13.4 EH/s
- BTC/average EH/s decreased 11% month-over-month
- Sold 75 BTC from treasury for $6.5M
- Divesting 200 MW Paraguay data center
Insights
Bitfarms' February update showcases robust operational growth with a 20% month-over-month increase in average operational hashrate to 13.4 EH/s, driving 6% higher BTC production at 213 BTC for the month. The company's strategic approach to treasury management is evident as they sold 75 BTC for $6.5 million while growing their holdings to 1,260 BTC valued at approximately $105.8 million.
The pending Stronghold acquisition and Paraguay data center sale represent a fundamental strategic shift toward North American energy infrastructure with lower production costs. This dual-transaction approach aims to optimize their asset portfolio by divesting higher-cost operations while acquiring assets that can serve both traditional Bitcoin mining and the growing HPC/AI segment. Their treasury strategy balances operational funding needs with Bitcoin accumulation during the post-halving period, maintaining significant exposure to potential Bitcoin price appreciation while ensuring operational liquidity.
What's particularly notable is Bitfarms' clear pivot toward positioning itself as an energy and compute infrastructure company rather than purely a Bitcoin miner. This diversification strategy into HPC/AI capabilities could reduce reliance on Bitcoin mining economics alone, potentially smoothing revenue volatility in the cyclical crypto mining industry while capitalizing on rapidly growing AI compute demand.
Bitfarms' infrastructure evolution signals a compelling strategic repositioning. The 6% monthly increase in operational hashrate to 16.1 EH/s demonstrates effective scaling capabilities, but the 11% decrease in BTC/EH/s efficiency metric warrants monitoring. This efficiency decline is likely temporary as new hashrate comes online and optimizations are implemented across their distributed operations.
The appointment of Craig Hibbard as SVP of Infrastructure is strategically timed with their PJM portfolio expansion plans. His 25-year background in large-scale real estate development and specific experience deploying 200+ MW of digital infrastructure for HPC/AI applications directly aligns with Bitfarms' diversification strategy. His Pennsylvania base provides geographic proximity to PJM's energy market, where Bitfarms is clearly focusing expansion efforts.
The consolidation strategy leveraging the Stronghold acquisition alongside the Paraguay divestiture creates a more geographically concentrated operation within North America's more stable regulatory environment. This geographic focus should streamline operations, reduce management complexity, and potentially improve margins through operational efficiencies. The dual-purpose infrastructure design for both Bitcoin mining and HPC/AI workloads also creates flexibility to allocate compute resources to the highest-margin applications based on market conditions, effectively creating optionality in their business model that pure-play miners lack.
- Operational hashrate of 16.1 EH/s –
- Acquisition of Stronghold Digital Mining & sale of Yguazu site on track for Q1 2025 close –
-Appoints Craig Hibbard to SVP of Infrastructure-
This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.
TORONTO, March 03, 2025 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ/TSX: BITF), a global Bitcoin and vertically integrated data center company, today issued its latest monthly production report. All financial references are in U.S. dollars.
CEO Ben Gagnon stated, “We are on track to close our acquisition of Stronghold Digital Mining (“Stronghold”) following the recent successful shareholder vote which Stronghold shareholders voted overwhelmingly in support. Combined with the strategic sale of our 200 MW Yguazu, Paraguay data center, also on track for a Q1 2025 close, these accretive transactions will improve our energy portfolio and transform Bitfarms into a North American energy and compute infrastructure company with lower-cost energy and high-quality assets, suitable for both HPC/AI and Bitcoin mining.
“In addition, I am thrilled to welcome our new SVP of Infrastructure, Craig Hibbard. Craig joins us from Mawson Infrastructure Group where he was Chief Development Officer. He has over 25 years of experience leading large-scale real estate development projects, including the recent rapid design and construction of over 200 MW of digital infrastructure for a U.S. firm specializing in digital assets and HPC/AI. Based in Pennsylvania, Craig will play a critical role in managing infrastructure development for our rapidly expanding PJM portfolio and advancing our HPC/AI business.”
SVP of Global Mining Operations Alex Brammer said, “During February we grew our operational hashrate
February 2025 Select Operating Highlights
| Key Performance Indicators | February 2025 | January 2025 |
| Total BTC earned | 213 | 201 |
| Month End Operating EH/s | 16.1 | 15.2 |
| BTC/Avg. EH/s | 16 | 18 |
| Average Operating EH/s | 13.4 | 11.2 |
| Energized Capacity (MW) | 437 | 437 |
| Hydropower (MW) | 256 | 256 |
| Watts/Terahash Efficiency (w/TH) | 20 | 20 |
| BTC Sold | 75 | 42 |
- 16.1 EH/s operational at February 28, 2025, up
6% M/M. - 13.4 EH/s average operational, up
20% M/M. - 16 BTC/average EH/s,
11% lower M/M. - 213 BTC earned,
6% higher M/M. - 7.6 BTC earned daily on average, equal to ~
$638,400 per day based on a BTC price of$84,000 at February 28, 2025.
February 2025 Financial Update
- Sold 75 of the 213 BTC earned as part of the Company’s regular treasury management practice for total proceeds of
$6.5 million . - Added 108 BTC, bringing Treasury to 1,260 BTC, up from 1,152 BTC last month and representing
$105.8 million based on the Bitcoin price of$84,000 at February 28, 2025. This includes the transfer of 30 BTC to a third party as collateral for active option contracts during the month.
Upcoming Conferences and Events
- March 12, 2025: Cantor Fitzgerald Global Technology Conference (NYC)
- March 17-18, 2025: 37th Annual ROTH Conference (Dana Point, CA)
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that sells its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers.
Bitfarms currently has 13 operating Bitcoin data centers, as well as hosting agreements with two data centers, in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.
To learn more about Bitfarms’ events, developments, and online communities:
www.bitfarms.com
https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/
Glossary of Terms
- Y/Y or M/M= year over year or month over month
- BTC or BTC/day = Bitcoin or Bitcoin per day
- EH or EH/s = Exahash or exahash per second
- MW or MWh = Megawatts or megawatt hour
- GW or GWh= Gigawatts or gigawatt hour
- w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
- HPC/AI = High Performance Computing / Artificial Intelligence
- Energized capacity= Power available
- Operational capacity= Power and infrastructure being used for current operations
- PJM= Pennsylvania- New Jersey- Maryland Interconnection LLC
Forward-Looking Statements
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding projected growth, target hashrate, opportunities relating to the Company’s geographical diversification and expansion, the merits of the rebalancing operations to North America and projected growth, the North American energy and compute infrastructure strategy, deployment of miners as well as the timing therefor, closing of the Stronghold acquisition on a timely basis and on the terms as announced, the positive impact of the Stronghold acquisition and the ability to gain access to additional electrical power and grow hashrate of the Stronghold business, the sale of the Yguazu, Paraguay Site and the reinvestment of the proceeds of the sale for growth, opportunities relating to the potential of the Company’s data centers for HPC/AI, performance of the plants and equipment upgrades and the impact on operating capacity including the target hashrate and multi-year expansion capacity, the opportunities to leverage Bitfarms’ proven expertise to successfully enhance energy efficiency and hashrate, the benefits of diversification and other statements regarding future growth, plans and objectives of the Company are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the construction and operation of the Company’s facilities may not occur as currently planned, or at all; there is no guarantee that the Company will be able to complete the acquisition of Stronghold Digital Mining, Inc. or the sale of the Yguazu, Paraguay Site on the terms as announced, or at all; expansion may not materialize as currently anticipated, or at all; the anticipated merits of the HPC/AI strategy, the benefits and programs of the PJM deregulated market and the objectives of diversification in general may not be realized as planned; efforts to improve and optimize the performance of equipment may not be successful; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risk that a material weakness in internal control over financial reporting could result in a misstatement of the Company’s financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; any regulations or laws that will prevent Bitfarms from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the restated MD&A for the year-ended December 31, 2023, filed on December 9, 2024. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by the Company. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law
. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Additional Information about the Stronghold Acquisition and Where to Find It
This communication relates to a proposed merger between Stronghold and Bitfarms. In connection with the proposed merger, Bitfarms has filed the registration statement with the SEC. After the registration statement is declared effective, Stronghold will mail the proxy statement/prospectus to its shareholders. This communication is not a substitute for the registration statement, the proxy statement/prospectus or any other relevant documents Bitfarms and Stronghold has filed or will file with the SEC. Investors are urged to read the proxy statement/prospectus (including all amendments and supplements thereto) and other relevant documents filed with the SEC carefully and in their entirety if and when they become available because they will contain important information about the proposed merger and related matters.
Investors may obtain free copies of the registration statement, the proxy statement/prospectus and other relevant documents filed by Bitfarms and Stronghold with the SEC, when they become available, through the website maintained by the SEC at www sec.gov. Copies of the documents may also be obtained for free from Bitfarms by contacting Bitfarms' Investor Relations Department at investors@bitfarms.com and from Stronghold by contacting Stronghold's Investor Relations Department at SDIG@gateway-grp.com.
No Offer or Solicitation
This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in Solicitation Relating to the Stronghold Acquisition
Bitfarms, Stronghold, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies from Stronghold's shareholders in respect of the proposed merger. In connection with the proposed merger, Bitfarms has filed with the SEC a registration statement on Form F-4 on December 19, 2024, which includes a proxy statement of Stronghold that also constitutes a prospectus of Bitfarms. This communication may be deemed to be solicitation material in respect of the proposed merger. Additional information regarding the interests of such potential participants, including their respective interests by security holdings or otherwise, will be set forth in the proxy statement/prospectus and other relevant documents filed with the SEC in connection with the proposed merger if and when they become available. These documents are available free of charge on the SEC’s website and from Bitfarms using the sources indicated above.
Investor Relations Contact:
Bitfarms
Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
tkrumme@bitfarms.com
Media Contact:
Bitfarms
Caroline Brady Baker
Director, Communications
cbaker@bitfarms.com
FAQ
What was Bitfarms (BITF) Bitcoin production in February 2025?
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What is BITF's operational hashrate as of February 2025?
What strategic transactions is BITF completing in Q1 2025?
